SOUTH SURREY, British Columbia--(Business Wire)--
Tanzanian Royalty Exploration Corporation announces that Mr. James E. Sinclair
has agreed to provide $1,500,000 by way of a private placement with the proceeds
being applied to general working capital. Mr. Sinclair has agreed to purchase
248,139 common shares at a purchase price of $6.045 per share for proceeds
totaling $1,500,000. The price reflects the greater of the closing price on the
Toronto Stock Exchange of the Company`s shares on March 26, 2009 of $5.95 and
the 5-day weighted average trading price for the five consecutive trading days
ended March 26, 2009 of $6.045. If the closing price on the Toronto Stock
Exchange of the Company`s shares on the date of closing is greater than the
above, the share price and number of shares to be issued will be adjusted to
reflect the higher price.
The private placement common shares are subject to certain mandated hold periods
and the certificates representing such shares are legended accordingly. No
warrants, options or other rights have been issued or granted in connection with
this placement.
The private placement is subject to Regulatory approval.
Respectfully Submitted,
James Sinclair
James E. Sinclair
Chairman and Chief Executive Officer
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyaltyExploration.com
The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not
accept responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors - The United States Securities and Exchange
Commission limits disclosure for U.S. reporting purposes to mineral deposits
that a company can economically and legally extract or produce. We use certain
terms on this news release, such as "reserves", "resources", "geologic
resources", "proven", "probable", "measured", "indicated", or "inferred" which
may not be consistent with the reserve definitions established by the SEC.U.S.
Investors are urged to consider closely the disclosure in our Form 20-F, File
No. 001-32500.You can review and obtain copies of these filings from the SEC's
website at http://www.sec.gov/edgar.shtml.
Certain information presented in this release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.Such forward-looking statements are based on numerous assumptions, and
involve known and unknown risks, uncertainties and other factors, including
risks inherent in mineral exploration and development, which may cause the
actual results, performance, or achievements of the Company to be materially
different from any projected future results, performance, or achievements
expressed or implied by such forward-looking statements.Investors are referred
to our description of the risk factors affecting the Company, as contained in
our Form 20-F, File No. 001-32500, for a more information concerning these
risks, uncertainties, and other factors.
Form 20-F, File No. 001-32500
Tanzanian Royalty Exploration Corporation
Connecticut Office:
860-364-1830
Fax: 860-364-0673
or
Vancouver Office:
Helen Hansen, 604-536-7873
Toll Free: 1-800-811-3855
Fax: 604-536-2529
or
investors@TanzanianRoyaltyExploration.com
www.TanzanianRoyaltyExploration.com
Copyright Business Wire 2009
